Wells Fargo downgrades DuPont on destocking, China weakness

Wells Fargo downgraded DuPont to Equal Weight from Overweight with a price target of $69, down from $85, following this morning’s preliminary results. The company’s first half of 2024 sales are expected to fall 11% year-over-year due to customer destocking and weakness in China, the analyst tells investors in a research note. The firm says that while DuPont’s growth “could turn the corner” in the second half of the year, the stock lacks a near-term catalyst to drive meaningful multiple expansion.